Journal Entries - Winconsin Alps
Not what you're looking for?
P3_28a questions
P3-28a
Journalize the adjusting entry needed on December 31, the end of the current accounting year, for each of the following independent cases affecting Wisconsin alps. No other adjusting entries have been made for the year.
A- Prior to making the adjusting entry on December 31, the balance in Prepaid Insurance is $3,600. Wisconsin Alps pays liability insurance each year on March 31.
B- Wisconsin Alps pays employees each Friday. The amount of the weekly payroll is $5,000 for a five-day workweek. December 31, the fiscal year-end is a Monday.
C- Wisconsin Alps borrowed money, signing a note payable. For the current year, accrued interest amounts to $600 and will be paid next year.
D- The beginning balance of Supplies was $1600. During the year, it purchased supplies for $4,900, and at December 31 the supplies on hand total $2,100.
E- Wisconsin Alps contracts with corporations who reward their employees with skiing vacations. The corporations paid $16,000 in advance. This receipt was journalized and posted as a debit to Cash and credit to Unearned Service Revenue. The owner determines that Wisconsin Alps earned one-fourth of the total fee received during the current year.
F- Depreciation for the current year includes Ski Lifts, $3,850, and Lighting Equipment, $1,300.
Purchase this Solution
Solution Summary
The solution provides adjusting entry needed on December 31, the end of the current accounting year, for each of the following independent cases affecting Wisconsin Aps.
Purchase this Solution
Free BrainMass Quizzes
Employee Orientation
Test your knowledge of employee orientation with this fun and informative quiz. This quiz is meant for beginner and advanced students as well as professionals already working in the HR field.
Organizational Leadership Quiz
This quiz prepares a person to do well when it comes to studying organizational leadership in their studies.
Understanding the Accounting Equation
These 10 questions help a new student of accounting to understand the basic premise of accounting and how it is applied to the business world.
Lean your Process
This quiz will help you understand the basic concepts of Lean.
Operations Management
This quiz tests a student's knowledge about Operations Management